Published on 07 February 2013
RAM Ratings has received
confirmation that, as of 16 January 2013, PINS Capital Sdn Bhd (“PINS Capital”)
had placed sufficient funds with TMF Trustees Malaysia Berhad for the full
redemption of its Islamic Commercial Papers/Medium-Term Notes Programme
(“ICP/IMTN”), which is scheduled to mature on 9 May 2013.
Following the above and as
requested by PINS Capital, RAM has withdrawn the AA3/Negative/P1 ratings of the
ICP/IMTN. As such, we no longer have any rating obligations on the said
instruments. To recap, the outlook on the long-term ratings had been revised to
negative on 23 February 2012, reflecting the declining credit profile of one of
PINS Capital’s payment counterparties through the last few years.
Media contact
Adeline Poh
(603) 7628 1021
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